AC&S, originally known as Armstrong Contracting and Supply Company, was founded in 1958 as an insulation contractor and distributor.
It was purposely formed as a subsidiary of Armstrong Cork Company to separate the insulation distribution and installation facet of the business from the rest of the company’s contracting operations.
Armstrong Cork’s history of asbestos use dates to 1931, however, AC&S did not manufacture its own asbestos containing products. Instead, it distributed and installed asbestos-containing insulation products such as pipe-covering, block, and cement manufactured by other companies.
In 1969, AC&S’s parent company, Armstrong, reorganized by selling shares of stock to some of its employees and formed Irex Corporation (formerly North Lime Corporation). AC&S remains a subsidiary of the new company, now called Irex Contracting Group.
AC&S employees regularly worked at different locations installing asbestos-containing insulation which put them at risk of exposure. Workers who would have to clean up after the installers, often called laborers, were also at risk.
Asbestos injury claims against Armstrong began in the late 1960s. AC&S filed for Chapter 11 bankruptcy in 2002 due to the financial burden of facing hundreds of thousands of claims over decades.
In 2008, AC&S created the Asbestos Settlement Trust under its Chapter 11 Plan of Reorganization and it began accepting claims on May 26, 2009. It was funded with approximately $530 million to start.
In 2021, 16,605 claims were filed with the AC&S Asbestos Settlement Trust, according to its annual financial report.
Of the claims filed, 6,093 were for injuries ranging from severe asbestosis to cancer, lung cancer, or mesothelioma. 10,130 claims were filed for injuries including pleural disease or asbestosis.
The current payment percentage for claims is 4.9% of the designated value for each specific injury.
The report also details that $14,680,579 was paid out in claims in 2021, adding to the total of $38,454,791 the Trust has paid since it was established.
We’ve helped thousands of people receive the compensation they deserve for their asbestos injuries. Let us help you. You can contact asbestos attorney Justinian C. Lane at Asbestos Claims Law via his website at https://www.AsbestosClaims.law.
Email directly at help@asbestosclaims.law.
Or call anytime at (833) 4-ASBESTOS (427-2378).
